The initial public offer (IPO) of India's largest non-life insurer, the state-owned New India Assurance, was subscribed 1.07 times on the second day of bidding yesterday.
The exercise received bids for 128,766,114 shares against the total issue size of 120,000,000 shares, data available with the BSE showed. The IPO's price band is set at INR770-800 per equity share. The IPO, which aims to raise INR96 billion (US$1.49 billion), closes today.
The country's biggest life insurer Life Insurance Corp placed a bid of about INR65 billion for New India Assurance shares, reported Livemint citing three people aware of the development.
Qualified institutional buyers (QIBs) category was subscribed 2.16 times, non-institutional investors 4% and retail investors 5%.
The IPO is the second largest this year after that of state-owned GIC Re which raised INR113.72 billion last month.